Category Archives: Estate Planning
Making a Will: Information to Consider
Knowing the types of information needed to get started on your will helps you move forward with this important task. An effective estate plan protects you and your family. A will is an important part of your plan. You can get a head start on your will by gathering information on the following topics to […]
What Constitutes Undue Influence in Florida?
The validity of a will can be called into question if there is reason to believe someone exerted undue influence on the maker of the will. What is considered undue influence in Florida? The elderly and the ill are too often preyed upon by unscrupulous caregivers and family members. Undue influence is behavior, coercion or […]
How the 2013 Supreme Court Ruling Affects Estate Taxes for Same-Sex Couples
Significant protections became available for same-sex married couples based on the July 2013 Supreme Court decision that struck down a key provision in the Defense of Marriage Act (DOMA). On August 29, 2013, the IRS and U.S. Department of the Treasury — in line with the Supreme Court’s ruling — announced that legally married same-sex […]
What Tax Changes Occurred in 2014 for Estate Planning?
Inflation adjustments affect federal estate tax deductions and in that regard can affect estate planning. Keeping up with the changes in federal laws that govern estates can be challenging, which is why working with your lawyer is important. It seems like the legislature proposes changes every few years. The following are areas you should be […]
Does Where You Live Make Much Difference with Estate Planning?
Where you live can make a considerable difference in whether you pay estate or inheritance taxes after a loved one dies. The following example clarifies how this is true. Let’s say your elderly mother is failing physically and in an effort to make things easier for everyone, she decides to move from her Florida residence […]
Do You and Your Elderly Parents Want to Avoid a Guardianship?
Yes — avoid a guardianship if at all possible. A number of people today suffer from dementia in their elder years. Sometimes families don’t realize the extent of their parents’ memory loss and its legal implications. Family members often live in other states or visit infrequently. By the time they discover their parents’ dementia, the […]
A Look at Phillip Seymour Hoffman’s Estate Planning
Celebrities are generally in the limelight, and consequently, we can often learn valuable lessons from their errors. As far as learning from mistakes, estate planning is no different than many other areas of life. According to the Forbes, Phillip Seymour Hoffman’s estate is worth $35 million. Even so, the most current version of Hoffman’s will, […]
How to Talk to Your Parents About Their Estate Planning
If you are like most people, bringing up estate planning with your parents is extremely awkward. You may worry that your parents may think you are just trying to find out how much money you may inherit. However, if you are likely to be the person to take over your parents’ finances when they die […]
Do You Need a Living Will?
A living will is document that details your desires regarding end-of-life decisions. It records whether you wish to receive treatments to sustain your life, including resuscitation and feeding, if you become incapacitated and are unable to communicate your wishes. A living will can be beneficial for a number of different reasons: It removes the heavy […]
The Importance of Gift Planning
There is tremendous personal satisfaction in sharing your good fortune with those you love and supporting causes you care about. There are also tax advantages to doing just that. With federal estate taxes set at 40 percent for any amount in your estate that exceeds $5,340,000, it is crucial for wealthy individuals to explore ways […]